Brokerages Set Old National Bancorp (NASDAQ:ONB) Target Price at $24.38

Shares of Old National Bancorp (NASDAQ:ONB) have received a consensus rating of “Buy” from the eight analysts that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation, six have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $24.38.

Several research analysts have issued reports on ONB shares. Barclays lifted their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Keefe, Bruyette & Woods upped their price objective on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research report on Tuesday, November 26th. Piper Sandler reiterated an “overweight” rating and set a $27.00 target price (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Finally, Raymond James raised Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price objective on the stock in a research report on Tuesday, November 26th.

Old National Bancorp Trading Down 1.0 %

Shares of ONB opened at $21.77 on Wednesday. Old National Bancorp has a 1-year low of $15.36 and a 1-year high of $23.76. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. The firm’s 50-day moving average price is $21.46 and its 200-day moving average price is $19.43. The firm has a market capitalization of $6.94 billion, a price-to-earnings ratio of 13.19 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. The company had revenue of $485.86 million for the quarter, compared to analysts’ expectations of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.51 earnings per share. Sell-side analysts anticipate that Old National Bancorp will post 1.83 EPS for the current year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Thursday, December 5th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.57%. The ex-dividend date was Thursday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is presently 33.94%.

Institutional Trading of Old National Bancorp

Hedge funds have recently modified their holdings of the company. Fisher Asset Management LLC raised its position in shares of Old National Bancorp by 2.9% during the 3rd quarter. Fisher Asset Management LLC now owns 3,186,132 shares of the bank’s stock valued at $59,453,000 after buying an additional 90,747 shares in the last quarter. Citigroup Inc. increased its stake in Old National Bancorp by 12.1% during the third quarter. Citigroup Inc. now owns 485,023 shares of the bank’s stock worth $9,051,000 after acquiring an additional 52,430 shares during the last quarter. LMR Partners LLP purchased a new stake in Old National Bancorp during the third quarter valued at approximately $452,000. First Eagle Investment Management LLC raised its position in Old National Bancorp by 10.1% during the second quarter. First Eagle Investment Management LLC now owns 491,698 shares of the bank’s stock valued at $8,452,000 after purchasing an additional 45,000 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Old National Bancorp by 2.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,629,864 shares of the bank’s stock valued at $67,733,000 after purchasing an additional 78,983 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

About Old National Bancorp

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.